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BANK AT FLORENCE, ARIZ., SUDDENLY CLOSES DOORS PHOENIX, Ariz., Aug. 30.-The Bank of Florence, a territorial institution, was closed this afternoon by order of the territorial auditor, who is now there. A receiver probably will be named tomorrow. No details have been given as to assets and liabilities. The capital stock is $100,000. As far as was learned there have been no irregulárities. It is said the bank had securities on which it was unable to realize.
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FLORENCE BANK CLOSES ITS DOORS AT THE ORDER OF BANK EXAMINER FOSTER The Cause of the Failure Due to Loans Which Could Not Be Collected. The bank of Florence was closed yesterday by order of W. C. Foster, territorial auditor and bank examiner, after a minute examination of the affairs of the institution. An inability to collect certain heavy loans made by the bank is assigned as the cause for elosing the doors. A receiver will be appointed at the suggestion of Attorney General Wright. It was stated by Mr. Foster that he hoped to see the bank pay dollar for dollar though it is difficult to make any certain predictions at this time. It has been known by a /very few during the past month that the affairs of the bank were in a weak condition Mr. Foster has been watching the bank for six months, but the directors continually asked for more time and persuaded him that the resources would be strengthened and enable the bank to pass the crisis. In his several examinations of the affairs of the bank he saw no immediate reason for closing the doors. Yesterday he made another trip to Florence and found things in such bad shape that he could no longer permit the institution to resume business. Until the affairs of the bank are thoroughly examined it will be impossible to state the assets and liabilities. The president of the bank is D. C. Stevens and the cashier E. C. Eagin. In a conversation over the long distance wire last night Mr. Foster stated bis belief that all debts would be paid and the bank be able to resume business. Mr. Foster called up Attorney General Wright at Tucson and informed him of the failure.
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FLORENCE BANK TO HAVE A RECEIVER Hearing to Be Held in Tucson Tuesday, September 6. Next Tuesday the officers and directors of the Bank of Florence, which closed its doors last Tuesday by order of W. C. Foster, territorial bank examiner, will be given an oportunity to show cause why a receiver should not be appointed for their institution. They have announced that they will not take advantage of this opportunity and a receiver will be appointed imemdiately after the hearing which wil be held in Tucson. Examiner Foster returned from Florence yesterday. Tuesday he filed a complaint against the bank. asking that a receiver be appointed, and September 6 was set as the date of hearing. Papers were served on all the officers and directors, restraining them from doing further business. A custodian was placed in charge and the time lock changed, pending the hearing.
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FLORENCE BANK CASE HEARING POSTPONED Lacking in Jurisdiction, New Service Was Secured-Hearing to Be Before Judge Kent. W. C. Foster returned home yesterday from Tucson, where as territorial auditor and author of the complaint against the Bank of Florence, he went to be present during the proceedings planned for a hearing in the case and the expected subsequent appointment of a receiver.
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WHY F. H. BLIGHTON IS LIBEL DEFENDANT Judge Campbell Dismisses Application for Receivership for Florence Bank. Tucson, Ariz., Sept. 7.-Upon complaint of James T. Williams, Jr., former civil service commissioner, now proprietor of the Tucson Citizen, F. H. Blighton, editor of the Weekly Voice of the People, is under arrest and out on $1,000 bonds. Williams alleges that Blighton impeached his honesty by asserting that Williams recently went to Washington and back on a Southern Pacific railroad pass. Judge Campbell of the Pima county district court has dismissed the application of Attorney General Wright for a receiver for the Bank of Florence, Ariz. -The application was made in Pima county because of the absence of Judge Kent. who has jurisdiction in the county where the bank is located. Judge Campbell holds that the attorney general must await the return of the court of proper jurisdiction.
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NO RECEIVERS FOR BANK TUCSON, Sept. 8.-Judge Campbell, of the Pima district court has dismissed the application of Attorny General Wright for a receiver for the Bank of Florence, Ariz. The application was made in Pima county because of the absence of Judge Kent, of Pinal county, where the bank is located. Judge Campbell holds that the attorney general must await the return of the court of proper jurisdic, tion. ,
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FLORENCE BANK CASE.-The application for a receiver for the Bank of Florence will be heard in Forence by Judge Kent on October 3, the opening day of court in Pinal county.
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SOME COMMISSION MR. EAGIN CHARGED The Sum of $4,500 for Loans Amounting To $11,000. A partial adjustment of the affairs of the late Bank of Florence took place in district court yesterday when Judge Kent rendered a judgment for Adolph W. Lautz, the receiver of the bank, against W. Y. Price and C. G. Powell in separate actions. The suit was begun by the Valley Bank with which two notes, one by Price for $4,500 and the other by Powell for $7,000 had been left as collateral. Before the trial however, the notes had been taken up by Receiver Lautz who was substituted for the plaintiff in both actions. Though the defendants admitted the giving of the notes they claimed that they had not received the amount of money for which they were given. Powell stated that he had received only $4,000 and Price stated that he had received only $3,000. Both were corroborated by T. C. Eagin, former cashier of the bank, who made the astounding statement that he had retained $4,500 as his commission for making the loan. Accordingly judgment was given against Powell for $4,000 and against Price for $3,000 and the amount of an overdraft. Another suit was that of Jose Spinas against Eagin and his sureties to recover on a note given by Eagin at a time when the affairs of the bank began to be in a bad way. Spinas was given judgment. The sureties, Messrs. Weedin and Camorlain of Florence, offered in defense that the conditions of the note had been changed; that they supposed that it had been paid when due, whereas Spinas had granted Eagin an extension of time. It was held by the court that that arrangement did not release them from liability.
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COMMISSION, $4,500 ON LOAN OF $11,000 Remarkable Deal Shown by Inquiry Into Affairs of Florence Bank PHOENIX, June 20.-A partial adjustment of he affairs of the late Bank of Florence took place in district court yesterday which Judge Kent rendered a judgment for Adolph W. Lautz, the receiver of the bank, against W. Y. Price and C. G. Powell An separate actions. The suit was begun by the Valley bank with which two notes, one by Price for $4500 and the other by Towell for $7000 had been left as collateral. Before the trial however the notes had been taken up by Receiver who was tituted for the plaintiff in both actions. Though the adefendants admitted the giving of the notes they claimed that they had not received the amount of money for which they were given. Powell stated that he had received only $4000 and Price stated that he had received only $3000. Both were corroborated by T. C. Eagin, former cashier of the bank, who made the astounding statement that he had retained $4500 as his commission for making the loan. Ao cordingly judgment was given against Powell for $4000 and against Price for $3000 and the amount of an overdraft. Another suit was that of Jose Spinas against Eagin and his sureties to recover on a note given by Eagin at a time when the affairs of the bank began to be in a bad way. Spinas was given judgment. The sureties, Messrs. Weedin and Camorlain of Florence, offered in defense that the conditions of the note had been changed; that they supposed that it had been paid when due, whereas Spinas had granted Eagin an extension of time. It was held by the court that that arrangement did not release them from liabilitv.
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debtedness $2,098,302.86 Territorial indebtedness 946,972.43 Total debt $3,045,275.29 Banks of Arizona. During the year just ended the banks have generally prospered. Despite the more or less unsatisfactory business conditions in some parts of the territory, the banks, especially the larger institutions, nearly all show substantial growth. During the year the bank at Kelvin, a branch of the Ray State bank, was discontinued, and the Bank of Florence, at Florence, a small and weak institution, was placed in the hands of a receiver and at the close of the fiscal year was still in the receiver's hands. Three new, banks were established. in the territory during the year, as follows: Paid up capital. Buckeye Valley bank. Buckeye$ 25,000 Farmers and Merchants bank, Phoenix 8,900 Phoenix Savings Bank & Trust Co., Phoenix 100,000 At the close of the fiscal year there were the following number of financial institutions operating in the territory: Territorial banks 39 12 Territorial banks, branches National banks 13 6 Building and loan associations Total 70 Statement of Financial Institutions, Aggregate capital of territorial banks on June 7, 1911 $ 1,592,126.00 Aggregate surplus and undivided profits on June 7, 1911 1,169,050.63 Increase in aggregate resources of territorial banks during year 2,292,960.91 Increase in aggregate resources of national banks during year 585,497.03 Total increase 2,878,457.94 Increase of deposits: Territorial banks 1,859,542.62 National banks 449,225.54 Total increase in deposits 2,308,768.16 Aggregate resources of all banking institutions in Arizona for the fiscal year ended June 7, 1911: Territorial banks 16,137,700.S9 National banks 10,733,506.40 Total bank resources. 26,871,207.29